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FXPhantom.com (William Morrison)

Discussion in 'Forex Signals Services' started by Administrator, May 31, 2012.

  1. Administrator

    Administrator Just Administrator :-)

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  2. szendro

    szendro Private, 1st Class

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    FX Phantom - RED ALERT! RED ALERT! RED ALERT!

    This is a warning to all those who are thinking about or have just purchased FX Phantom. I cannot call FX Phantom a scam because I have not purchased it nor intend to do so. I hope this article will also serve to help prospective purchasers of EA's and other systems better evaluate the validity of the product before purchase.
    The EA/trade copier is offered for a one off fee, then a monthly subscription. I studied the promotional website which includes a copy of a live statement and noticed the following:
    1. Only the EUR/USD is traded and all gains are very small, averaging about 3 pips. Such small gains are acceptable with EA's which trade during the (normally) quiet Asian period, so I checked the times of trade and found that trades were being made at any time of the day. This was the first point that alerted me.
    2. I checked the size and number of losses. I could find hardly any losses and those that existed were tiny. Hmmm... too good to be true, or is this much sought after ATM?
    Now I am alerted even more.
    3. Suspecting simple fraud I noticed that the website includes a letter of declaration of the validity of the statement from FinFx. if this is fraud, then the letter is probably fake. I contacted FinFX, and no, the letter is genuine. They have indeed verified the account as real. Now I am puzzled but very suspicious.
    4. Hmm...,let's take a closer look at that statement then. Suddenly I find lots of anomalies with trades that I do not like - E.g. Trade opened 2012/04/19 closed 2012/05/03, ie. trade was open for 14 days. The result, a gain of 1.4 pips while the drawdown in this period was 180 pips! Does that sound like a good risk/reward ratio to you ? Risk 180 pips to make 1.4 pips!
    Note, although actual profit/loss is shown, drawdown is not mentioned at all - funny that!

    There are many more examples, some much worse, in the account, and I urge you to check it out and to train yourself to search for these anomalies yourself.
    As I say, in this case the product cannot be called a scam as such, but you need to pay attention to the fact that the test period is only a couple of months, and you also need to ask yourself what would happen if one of the anomalous trades did not turn around!
    Could you sleep at night knowing that essentially the EA is opening trades then crossing it's fingers!
    When you look at these product websites please study evey detail very carefully.
     
  3. Monmoy

    Monmoy Recruit

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    You are right,my account does not match up with their live account.My account is down by 2% but their live statement shows few percent up.my account took few big losses and it does not show up on their account.To be precise,All the losses that I have had on their statement it shows as a cancelled pending order.So it does not make sense.William is a reputed forex vendor,I did not expect anything like it from him.I will monitor the account few more days and if the
    same result persist I will go for a refund.
     
  4. George Holt

    George Holt Private, 1st Class

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    FX Phantom Rocks!

    Do not believe this post! Either he doesn't want you to buy FXP because he wants it all to himself, or he doesn't know what he's talking about.

    Here is a REAL account running FXP right now, you all know Scott with Forex Verified.

    MT4i - LiveForexTrading.info EA's - FX Phantom

    Scott's account matches my account exactly. We made over 300 pips in just a few days!
    The best part of FXP is that William is in control now. No one can copy this EA, and he's going to control how many licenses are sold, so it won't get over traded.
    I was lucky enough to get a copy, and I may get one more before they run out.

    FXP will work with most brokers, but the lower the spread, the better it will do.

    My two cents.
     
  5. George Holt

    George Holt Private, 1st Class

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    What broker are you using?
     
  6. George Holt

    George Holt Private, 1st Class

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  7. George Holt

    George Holt Private, 1st Class

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    In all fairness, I think this thread needs to be removed from the scam folder. It is very misleading, and the poster has no proof.
     
  8. szendro

    szendro Private, 1st Class

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    Hello George taking into account your ridiculous accusation that I want to keep the EA to myself (when the internet is flooded with it's advertsing) and the deep affront which you show beause I have taken the liberty to damn this porduct I cannot help but wonder if you are connected with the sale of the product yourself, either directly or as an affiliate. If you read what I wrote you will note that I stated twice that I cannot lable the product as a scam but that one example of trade taking a risk of 180 pips to gain 1.4 pips doe not show a meritable trading style (and there are much worse examples). Infact if you were to open a trade with an infinite stop loss and be prepared to take a few pips profit, you could duplicate the same results by tossing a coin. The danger of these type of EA's (no stop loss for a few pips profit) is that they can work OK for long periods of time, but eventaully the time will come when for example a buy trade is made at the lowest point reached and will not return for many months if ever. At that point your account is wiped out. This is purely a matter of playing with statistics - if I increase the stop loss I can last longer, but eventually, and it will happen .... crrrrash!!!!!
    No mention of this huge drawdown or anomalous trading style is made on the promotional website, and I
    have written this article to bring the dangers of this EA to awareness of new or less experienced traders so that they are better informed before making a decision to purchase or not. I hope that you can appreciate the good will of this gesture.
     
  9. George Holt

    George Holt Private, 1st Class

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    I am not at all affiliated with FX Phantom. I paid for my license just like everyone else. I just don't think it's fair to bash an EA just a few days after it's release. William does tell you that it is a high risk EA upfront, and tells you to keep your lot size very low. As long as your not greedy, and don't try a large lot size with a small account, you should consistantly make lots of money everyday. If there is a rare occasion where the EUR/USD has a drastic gain or drop that isn't in your favor and it hits the SL, (and the trades do have a SL), you'll loose some money, but not your whole account.

    I suppose time will tell, but so far, this EA is rocking the boat, just like MDP did!

    Me and you should have a beer sometime, what country are you in? :cool:
     
  10. Monmoy

    Monmoy Recruit

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    Tadawul fx.I had a loss yesterday too which didnt show up on their live statement.Thinking to get a refund.
     
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